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Institution is the first community college to enroll in the program

Cindy Hecht
DTE Energy
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Fran LeFort
Washtenaw Community College
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MaxLinear Linearization and Cree GaN on SiC Power Amplifiers Combine to Efficiently Power New Ultra-Wideband 5G

New GaN on SiC Linearization Solution enables 5G base stations to support more high-speed data for mobile users

CARLSBAD, Calif. & DURHAM, N.C.–(BUSINESS WIRE)–MaxLinear, Inc. (NYSE: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, and Cree, Inc. (NASDAQ: CREE), the global leader in Silicon Carbide (SiC) technology through its Wolfspeed business, announced breakthrough performance when combining MaxLinear’s ultra-wideband linearization solution (MaxLin) and Cree’s Wolfspeed® Gallium Nitride (GaN) on SiC mid-band power amplifiers. The new solution increases wireless capacity of a 5G base station, supporting more simultaneous users and increasing the speed of data transmissions.

The use of GaN on SiC with effective linearization accelerates the rollout of 5G by enabling significant power, thermal, and cost savings through more efficient wireless transmission. The power savings from combining Cree’s highly efficient GaN on SiC power amplifiers with a highly effective linearization solution implemented by MaxLinear can be hundreds of watts for the massive MIMO radios that 5G demands.

“Our GaN on silicon carbide power amplifiers are designed to achieve high efficiency with extremely wide instantaneous bandwidth in a very small form factor at the newly released 5G spectrum,” said Gerhard Wolf, senior vice president and general manager of RF at Cree | Wolfspeed. “Working with MaxLinear’s solution, this technology demonstrates a significant step forward in achieving outstanding linearity performance and will help wireless providers deliver a superior level of performance and service to mobile customers.”

The new solution tackles a substantial industry challenge: implementing radio units with 5G massive MIMO arrays such as 64×64 or 32×32, while maintaining a reasonable size, weight, and power. The newer 5G spectrum is at a higher carrier frequency and has wider bandwidths, making it more challenging to achieve high power efficiency for radio units.

“We are solving a substantial challenge of 5G radios,” said Helen Kim, vice president of MaxLinear’s Wireless Technologies & IP. “Customers need to find a way to deliver mid-band 5G capacity without a commensurate increase in cost and power. Our wideband, power-efficient linearization solution and our low power 400MHz transceivers significantly reduce the heat dissipated by massive MIMO arrays, resulting in a substantially slimmer, lower cost radio solution.”

Using GaN on SiC, MaxLinear’s solution, delivers breakthrough linearization performance for a 280 MHz channel to support US 5G spectrum (3.7-3.98GHz) and a 400 MHz channel to support Asian and European 5G mid-band spectrum (3.4-3.8GHz). At 280MHz of instantaneous bandwidth, Cree’s WS1A3940 power amplifier achieves ~50% efficiency for the average output power of 39.5dBm, MaxLinear’s MxL1600 transceiver provides a sampling rate of 983MSPS, and MaxLin improves linearity by >20dB to exceed 3^rd Generation Partnership Project (3GPP) and Federal Communications Commission (FCC) requirements with margin. Using the Wolfspeed WS1A3640 power amplifier, MaxLin also demonstrates a >20dB linearization improvement at 400MHz of instantaneous bandwidth.

Cree’s WS1A3940 and WS1A3640 GaN on SiC power amplifier modules, MaxLinear’s MxL15xx and MxL16xx 400MHz transceivers, and MaxLinear’s MaxLin linearization technology are solutions that enable both traditional and Open RAN innovations.

To learn more about Cree | Wolfspeed and its products, please visit www.cree.com. To learn more about MaxLinear and its products, please visit www.maxlinear.com.

About MaxLinear, Inc.

MaxLinear, Inc. (NYSE: MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for the connectivity and access, wired and wireless infrastructure, and industrial and multimarket applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.

MxL and the MaxLinear logo are trademarks of MaxLinear, Inc. Other trademarks appearing herein are the property of their respective owners.

About Cree, Inc.

For more than 30 years, the company has served as the global leader in silicon carbide technology and production, leading the worldwide transition from silicon to silicon carbide. Customers leverage the Wolfspeed® product portfolio for disruptive technology solutions that support a more efficient, sustainable future including electric vehicles, fast charging, 5G, power supplies, renewable energy and storage, as well as aerospace and defense. Our people are dedicated to driving a significant shift in the technology sector and creating a global semiconductor powerhouse. For additional product and Company information, please refer to www.cree.com.

Cree® and Wolfspeed® are registered trademarks of Cree, Inc.

Cautionary Note About Forward-Looking Statements:

This press release contains “forward-looking” statements within the meaning of federal securities laws. Forward-looking statements include, among others, statements concerning or implying future financial performance, anticipated product performance and functionality of our products or products incorporating our products, and industry trends and growth opportunities affecting MaxLinear, in particular statements relating to MaxLinear’s ultra-wideband linearization solution (MaxLin) and MxL15xx and MxL16xx 400MHz transceivers, including but not limited to potential market opportunities, combinations with Cree, Inc., including with its Wolfspeed Gallium Nitride on Silicon Carbide mid-band power amplifiers, functionality, efficiency, and the benefits of use of such products. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from any future results expressed or implied by these forward-looking statements. We cannot predict whether or to what extent these new or existing products will affect our future revenues or financial performance. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements may contain words such as “will be,” “will,” “expect,” “anticipate,” “continue,” or similar expressions and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: intense competition in our industry and product markets; risks relating to the development, testing, and commercial introduction of new products and product functionalities; the ability of our customers to cancel or reduce orders; and uncertainties concerning how end user markets for our products will develop. Other risks potentially affecting our business include risks relating to acquisition integration; our lack of long-term supply contracts and dependence on limited sources of supply; potential decreases in average selling prices for our products; impacts from public health crises such as the Covid-19 pandemic or natural disasters; and the potential for intellectual property litigation, which is prevalent in our industry. In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in MaxLinear’s filings with the United States Securities and Exchange Commission, including risks and uncertainties arising from other factors affecting the business, operating results, and financial condition of MaxLinear, including those set forth in MaxLinear’s most recent Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, in each case as filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement. MaxLinear is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events, or otherwise.

Forward Looking Statements:

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk that we may be unable to manufacture these new products with sufficiently low cost to offer them at competitive prices or with acceptable margins; the risk we may encounter delays or other difficulties in ramping up production of our capacity to supply these products; customer acceptance of our products; the rapid development of new technology and competing products that may impair demand or render Cree’s products obsolete; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 28, 2020, and subsequent filings.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005512/en/

MaxLinear, Inc. Press Contact:

Debbie Brandenburg

Sr. Marketing Communications Manager

Tel: +1 669-265-6083

[email protected]

MaxLinear, Inc. Corporate Contact:

Helen Kim

Vice President, Wireless Technologies & IP

Tel: +1 760-692-0711

[email protected]

Cree | Wolfspeed Press Contact:

Claire Simmons

Director of Public Relations

[email protected]

KEYWORDS: California North Carolina United States North America

INDUSTRY KEYWORDS: Satellite Technology Mobile/Wireless Software Networks Internet Hardware

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Embark Trucks, Inc., America’s Longest-Running Self-Driving Truck Program, to Go Public Through Merger with Northern Genesis Acquisition Corp. II

• Embark Trucks, Inc. is an autonomous vehicle (AV) software-as-a-service company focused exclusively on the US trucking market.
• Embark’s technology, built to address the $700 billion a year trucking market in the U.S., combined with its partner-oriented business model, is validated by leading partnerships with shippers and carriers including Anheuser-Busch InBev, HP Inc., Werner Enterprises, Mesilla Valley Transportation, and Bison Transport, which Embark expects to scale rapidly and efficiently by integrating into the existing freight logistics ecosystem.
• Former Secretary of Transportation and Secretary of Labor Elaine Chao joins Embark’s Board of Directors, providing extensive public and private sector leadership experience that will further strengthen Embark’s position in the AV industry.
• Transaction provides approximately $614 million in gross cash proceeds to the Company, including $414 million of cash held by Northern Genesis Acquisition Corp. II in trust assuming no redemptions and a $200 million fully committed common stock PIPE supported by top-tier anchor investors including CPP Investments, Knight-Swift Transportation, Mubadala Capital, Sequoia Capital, and Tiger Global Management, together with the Northern Genesis management team and its associated institutional investors.
• Transaction proceeds will go to the Company, with no existing shareholders selling their position, and proceeds are expected to fully fund the business through commercialization in 2024.
• Pro forma implied enterprise value of approximately $4.55 billion and market capitalization of approximately $5.16 billion.

SAN FRANCISCO & KANSAS CITY, Mo.–(BUSINESS WIRE)–
Embark Trucks, Inc., (“Embark” or the “Company”), a leading developer of autonomous software technology for the trucking industry and Northern Genesis Acquisition Corp. II (NYSE: NGAB) (“Northern Genesis 2”), a publicly-traded special purpose acquisition company, jointly announced today that they have entered into a definitive business combination agreement that will result in Embark becoming a publicly listed company.

Founded in San Francisco by CEO Alex Rodrigues and CTO Brandon Moak, Embark is a leading developer of software for self-driving trucks. Over the last five years, Embark has operated America’s longest running road-testing program for self-driving trucks to refine the company’s sophisticated self-driving software – purpose-built to navigate Class 8 trucks on long-distance freight trips. Embark partners with leading carriers, who pay a per-mile subscription cost for Embark’s Driver software to deploy and enable self-driving trucks within their fleets.

Embark, through its Partner Development Program, is currently working with shippers and carriers including Anheuser-Busch InBev, HP Inc., Werner Enterprises, Mesilla Valley Transportation, and Bison Transport, to help prepare their fleets to integrate self-driving technology and scale with Embark’s technology. Embark has an industry-leading safety track-record, with more than one million real world miles driven without a DOT-reportable incident.

“We have been solely focused on solving the problem of self-driving software for trucking since Embark’s CTO, Brandon Moak, and I founded the company in 2016,” said Alex Rodrigues, Co-Founder and CEO of Embark. “This singular and disciplined focus on the trucking market in the United States has allowed Embark to achieve many industry-first technology milestones – including the first self-driving truck to drive coast-to-coast – and positions Embark to be a leader in autonomous trucking software. The recent accomplishment of key technical milestones – including handling highway workzones on the fly – and the announcement of our Partner Development Program mark the start of Embark’s transition from research to commercialization. After many years of R&D on the world’s most mature self-driving truck software stack, we plan to enable carrier operation of self-driving trucks in the U.S. sunbelt beginning in 2024. Following the transaction with Northern Genesis we expect to have a war chest that fully funds this commercialization plan, and then some.”

“The Northern Genesis team is enthused to partner with Embark as it continues to execute on its focused mission, a mission that began more than five years ago. Our respective teams share a conviction that success today demands alignment with the ongoing secular shifts towards sustainability and social responsibility; Embark’s commitment to autonomous trucking delivers that alignment through enhanced fuel efficiency, improved driver working conditions, and safer roads for everyone,” said Ian Robertson, Director and CEO of Northern Genesis 2. “We are committed to leveraging our deep owner-operator business building experience to assist Embark on its transition from great private company to great public company.”

Transaction Overview

The transaction reflects an implied pro forma equity value of $5.16 billion and enterprise value of $4.55 billion. Upon closing, the combined company is expected to receive approximately $614 million of gross cash proceeds, comprised of approximately $414 million of cash held in the trust account of Northern Genesis 2, assuming no redemptions by NGAB stockholders, and a $200 million fully committed PIPE at $10 per share. The PIPE is supported by top-tier anchor investors including Canada Pension Plan Investment Board (CPP Investments), Knight-Swift Transportation, Mubadala Capital, Sequoia Capital, and Tiger Global Management, together with the Northern Genesis management team and its associated institutional investors.

The Boards of Directors for both Embark and Northern Genesis 2 have unanimously approved the proposed business combination, which is expected to be completed in the second half of 2021, subject to, among other things, the approval by Northern Genesis 2’s stockholders, satisfaction of the typical conditions stated in the definitive agreement and other customary closing conditions, including that the U.S. Securities and Exchange Commission completes its review of the proxy statement, the receipt of certain regulatory approvals, and required approvals to publicly list the securities of the combined company.

Elaine Chao, former Secretary of Transportation and Labor, has joined Embark’s Board of Directors

Embark also announced that former U.S. Secretary of Transportation Elaine L. Chao has been appointed to its Board of Directors. Secretary Chao’s extensive public and private sector leadership experience will further strengthen Embark’s position in the AV industry. Prior to serving as Secretary of Transportation, Secretary Chao established a distinguished career both in and out of government, serving for eight years as the U.S. Secretary of Labor and as President and CEO of United Way of America.

Advisors

Citi is serving as financial advisor and capital markets advisor to Embark. J.P. Morgan Securities LLC is serving as financial advisor and capital markets advisor to Northern Genesis 2. J.P. Morgan Securities LLC, Citi, and BMO Capital Markets are serving as joint placement agents for the PIPE. Latham & Watkins LLP is lead legal counsel for Embark. Husch Blackwell LLP is lead legal counsel for Northern Genesis 2. Winston & Strawn LLP is lead legal counsel to the placement agents on the PIPE transaction.

Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K that will contain an investor presentation to be filed by Northern Genesis 2 with the Securities and Exchange Commission and available at www.sec.gov.

Conference Call and Webcast Information

Embark and Northern Genesis 2 will host a joint investor conference call to discuss the proposed transaction today at 9:00 a.m. Eastern Time.

A live webcast of the call will be available here, and can also be accessed on the investor relations section of Embark’s website at www.embark.com/investors. Interested parties who wish to listen by telephone may dial 1-877-407-9208 (domestic callers) or +1-201-493-6784 (international callers), and ask the operator to join the “Northern Genesis 2 and Embark Trucks, Inc. Business Combination Announcement Conference Call.”

A replay of the call will also be available until 11:59 p.m. Eastern Time on July 7, 2021. To access the replay, dial 1-844-512-2921 (domestic callers) or +1-412-317-6671 (international callers) and enter the conference ID 13720734.

About Embark

Embark Trucks, Inc. is a United States-based autonomous vehicle software-as-a-service provider focused exclusively on improving the safety, efficiency, and sustainability of the nearly $700 billion a year trucking market. Embark’s customers are carriers, who deploy Embark’s Driver software to enable self-driving trucks within their fleets. Embark also partners with shippers and carriers as part of its Partner Development Program to provide an end-customer voice and advise on the integration and scaling of autonomous trucks within their supply chain and fulfillment networks.

Embark’s platform-agnostic approach is underpinned by the Embark Universal Interface, a set of standardized self-driving components and flexible interfaces to allow major truck OEMs to easily integrate Embark self-driving technology onto their multiple vehicle platforms.

Embark’s mission is to build a world where consumers pay less for the things they need, drivers stay close to the homes they cherish, and roads are safer for the people we love.

About Northern Genesis 2

Northern Genesis 2 is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The management team overseeing the Northern Genesis investment platform brings a unique entrepreneurial owner-operator mindset and a proven history of creating shareholder value across the sustainable power and energy value chain. The team is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Embark’s and Northern Genesis 2’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Embark’s and Northern Genesis 2’s expectations with respect to future performance. These forward-looking statements also involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted in connection with any proposed business combination; (2) the inability to complete any proposed business combination in a timely manner or at all; (3) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete any proposed business combination; (4) the risk that the business combination may not be completed by Northern Genesis 2 business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought; (5) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the agreement and plan of merger by the stockholders of Northern Genesis 2 and Embark and the satisfaction of the minimum trust account amount following redemptions by Northern Genesis 2’s public stockholders; (6) the lack of a third party valuation in determining whether or not to pursue the proposed business combination; (7) the risk that any proposed business combination disrupts current plans and operations and/or the impact that the announcement of the proposed business combination may have on Embark’s business relationships; (8) the inability to recognize the anticipated benefits of any proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (9) costs related to the any proposed business combination; (10) changes in the applicable laws or regulations; (11) volatility in the price of Northern Genesis 2’s securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Embark plans to operate, variations in performance across competitors, changes in laws and regulations affecting Embark’s business and changes in the combined capital structure; (12) the possibility that Embark or Northern Genesis 2 may be adversely affected by other economic, business, and/or competitive factors; (13) the impact of the global COVID-19 pandemic; and (14) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by Embark and Northern Genesis 2 with the U.S. Securities and Exchange Commission (the “SEC”), including those discussed in Northern Genesis 2’s Annual Report Form 10-K for the fiscal year ended December 31, 2020 (“Form 10-K”) and Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and those that are expected to be included in the registration statement on Form S-4 and proxy statement/prospectus discussed below and other documents filed by Northern Genesis 2 from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Embark and Northern Genesis 2 caution that the foregoing list of factors is not exhaustive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. Embark and Northern Genesis 2 undertake no obligation to and accepts no obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Additional Information About the Proposed Transactions and Where to Find It

The proposed transactions will be submitted to stockholders of Northern Genesis 2 for their consideration. Northern Genesis 2 intends to file a registration statement on Form S-4 (the “Registration Statement”) with the SEC which will include preliminary and definitive proxy statements to be distributed to Northern Genesis 2’s stockholders in connection with Northern Genesis 2’s solicitation for proxies for the vote by Northern Genesis 2’s stockholders in connection with the proposed transactions and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Embark’s shareholders in connection with the completion of the proposed merger. After the Registration Statement has been filed and declared effective, Northern Genesis 2 will mail a definitive proxy statement and other relevant documents to its stockholders as of the record date established for voting on the proposed transactions. Northern Genesis 2’s stockholders and other interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, in connection with Northern Genesis 2’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about Northern Genesis 2, Embark and the proposed business combination. Stockholders may also obtain a copy of the preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the proposed transactions and other documents filed with the SEC by Northern Genesis 2, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Northern Genesis 2.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation

Northern Genesis 2, Embark and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from Northern Genesis 2’s stockholders in connection with the proposed transactions. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Northern Genesis 2’s stockholders in connection with the proposed transactions will be set forth in Northern Genesis 2’s proxy statement/prospectus when it is filed with the SEC. You can find more information about Northern Genesis 2’s directors and executive officers in Northern Genesis 2’s Form 10-K filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus when it becomes available. Stockholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005530/en/

Embark Trucks, Inc.

Investor Relations:

[email protected]

Media:

[email protected]

Northern Genesis 2 Investor Relations

816-514-0324

[email protected]

KEYWORDS: United States North America California Missouri

INDUSTRY KEYWORDS: Technology Trucking Automotive Transport Software Networks Internet Logistics/Supply Chain Management Fleet Management

MEDIA:

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Farmers National Banc Corp. and Cortland Bancorp Announce Farmers to Acquire Cortland Bancorp

CANFIELD, Ohio & CORTLAND, Ohio–(BUSINESS WIRE)–
Farmers National Banc Corp. (“Farmers”) (NASDAQ: FMNB), the holding company for The Farmers National Bank of Canfield (“Farmers National Bank”), and Cortland Bancorp Inc. (“Cortland”) (NASDAQ: CLDB), the holding company for The Cortland Savings and Banking Company, jointly announced today they have entered into an agreement and plan of merger (the “Agreement”).

Pursuant to the Agreement, each shareholder of Cortland may elect to receive either $28.00 per share in cash or 1.75 shares of Farmers’ common stock, subject to an overall limitation of 75% of the shares being exchanged for Farmers shares and 25% for cash. Based on Farmers’ closing share price of $16.87 on June 22, 2021, the transaction is valued at approximately $124.0 million or $29.14 per share. The merger is expected to qualify as a tax-free reorganization for those shareholders electing to receive Farmers’ shares. The transaction is subject to receipt of Cortland shareholder approval and customary regulatory approvals. The transaction is intended to close in the fourth quarter of 2021.

At the close of the transaction, James M. Gasior, Cortland’s President and CEO will join Farmers executive team as Senior Executive Vice President and Corporate Development Officer. Timothy Carney, Cortland’s Executive Vice President and COO will join Farmers as Senior Executive Vice President and Chief Banking Officer. Furthermore, Farmers intends to name two directors from Cortland’s Board to join its Board of Directors.

Kevin J. Helmick, President and CEO of Farmers, stated, “We are thrilled to announce the acquisition of Cortland and to have Jim and Tim join our executive management team. We have known and competed with Cortland for a long time and this acquisition will further solidify our market share in Trumbull and Mahoning Counties as well as expand our presence in the greater Cleveland area furthering our strategy of building local scale throughout Northeast Ohio.”

“The combination with Farmers is a natural one. Our similar cultures and operating philosophies will help us deliver value and liquidity to our shareholders while enhancing the products we can offer our customers,” said James Gasior.

“We are excited to join forces with a growing community bank to continue to serve our customers and communities in Northeastern Ohio,” said Timothy Carney.

Upon consummation of the transaction, The Cortland Savings and Banking Company will be merged with and into Farmers National Bank and Cortland’s branches will become branches of Farmers National Bank. Upon closing, Farmers estimates it will have approximately $4.1 billion in assets and 48 locations throughout Ohio and western Pennsylvania.

As of March 31, 2021, Cortland had total assets of $791.7 million, which included gross loans of $518.6 million, deposits of $680.3 million and equity of $81.1 million.

Raymond James & Associates, Inc. is serving as financial advisor to Farmers and Vorys, Sater, Seymour and Pease LLP is serving as legal counsel to Farmers on the transaction. Piper Sandler Companies is serving as financial advisor to Cortland and Grady & Associates is serving as legal counsel to Cortland on the transaction.

CONFERENCE CALL INFORMATION

Farmers will host a conference call on June 23, 2021, at 11:00 a.m. ET, to discuss the acquisition of Cortland Bancorp. Participants can join the call by dialing 877-407-4018 or 201-689-8471. The conference call will also be broadcast simultaneously via webcast on a listen-only basis. A link to today’s press release, presentation, and webcast will be available at ir.farmersbankgroup.com.

Replay of the conference call can be accessed through June 30, 2021 by dialing 844-512-2921 or 412-317-6671 and Conference ID: 13720743.

ABOUT FARMERS NATIONAL BANC CORP.

Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $3.3 billion in banking assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 41 locations in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina, Geauga and Cuyahoga Counties in Ohio and Beaver County in Pennsylvania; Farmers Trust Company, which operates five trust offices and offers services in the same geographic markets and Farmers National Insurance, LLC. Total wealth management assets under care at March 31, 2021 were $2.9 billion.

ABOUT CORTLAND BANCORP

Cortland Bancorp is a financial holding company headquartered in Cortland, Ohio. Founded in 1892, the bank subsidiary, The Cortland Savings and Banking Company conducts business through 13 full-service community banking offices located in the counties of Trumbull, Mahoning, Portage, Summit, and Cuyahoga in Northeastern Ohio and a financial service center in Fairlawn, Ohio. For additional information about Cortland Bank visit http://www.cortlandbank.com.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts, but rather statements based on Farmers’ and Cortland’s current expectations regarding its business strategies and its intended results and future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.”

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to Farmers’ or Cortland’s actual results, performance, and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, Farmers’ and Cortland’s failure to integrate Cortland and The Cortland Savings and Banking Company with Farmers in accordance with expectations; deviations from performance expectations related to Cortland and The Cortland Savings and Banking Company; general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; competitive conditions in the banking markets served by Farmers’ and Cortland’s respective subsidiaries; the adequacy of the allowance for losses on loans and the level of future provisions for losses on loans; and other factors disclosed periodically in Farmers’ and Cortland’s respective filings with the Securities and Exchange Commission (the “SEC”).

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by Farmers, Cortland or on Farmers’ or Cortland’s behalf, respectively.

Farmers and Cortland provide further detail regarding these risks and uncertainties in their respective latest Form 10-Ks and subsequent Form 10-Qs, including in the respective risk factors sections of such reports, as well as in subsequent SEC filings. Forward-looking statements speak only as of the date made, and neither Farmers nor Cortland assumes any duty and does not undertake to update forward-looking statements.

OTHER INFORMATION

In connection with the proposed merger, Farmers will file with the SEC a Registration Statement on Form S-4 that will include a joint proxy statement of Farmers and Cortland and a prospectus of Farmers, as well as other relevant documents concerning the proposed transaction.

SHAREHOLDERS OF CORTLAND AND OTHER INVESTORS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS TO BE INCLUDED IN THE REGISTRATION STATEMENT ON FORM S-4, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT FARMERS, CORTLAND, THE PROPOSED MERGER, THE PERSONS SOLICITING PROXIES WITH RESPECT TO THE PROPOSED MERGER AND THEIR INTERESTS IN THE PROPOSED MERGER AND RELATED MATTERS.

The respective directors and executive officers of Farmers and Cortland and other persons may be deemed to be participants in the solicitation of proxies from Cortland shareholders with respect to the proposed Merger. Information regarding the directors and executive officers of Farmers is available in its proxy statement filed with the SEC on March 12, 2021. Information regarding directors and executive officers of Cortland is available on its website at http://www.cortlandbank.com. Other information regarding the participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Contact information for Cortland Bancorp is James M. Gasior at 330-282-4111.

Investors and security holders will be able to obtain free copies of the registration statement (when available) and other documents filed with the SEC by Farmers through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Farmers will be available free of charge on Farmers’ website at https://www.farmersbankgroup.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005553/en/

Amber Wallace

Executive Vice President, Chief Retail/Marketing Officer

330-720-6441

[email protected]

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Banking Professional Services Insurance Finance

MEDIA:

Replay Numbers:

Replay will be available from July 22, 2021 at 11:30 A.M. Pacific Time/ 2:30 P.M. Eastern Time until August 22, 2021.

Information for the conference call and replay are provided on the Investor Relations page at www.eastwestbank.com/investors.

About East West

East West Bancorp, Inc. is a public company with total assets of $56.9 billion and is traded on the Nasdaq Global Select Market under the symbol “EWBC”. The Company’s wholly owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California, operating over 120 locations in the United States and in China. The Company’s markets in the United States include California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In China, East West’s presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. For more information on East West, visit the Company’s website at www.eastwestbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005129/en/

INVESTOR RELATIONS CONTACTS:

Irene Oh

Chief Financial Officer

T: (626) 768-6360

E: [email protected]

Julianna Balicka

Director of Strategy & Corporate Development

T: (626) 768-6985

E: [email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Box Announces Appointment of Diego Dugatkin as Chief Product Officer

Industry veteran brings wealth of Product Management leadership experience and expertise in document collaboration, content management, security, and e-signature to Box

REDWOOD CITY, Calif.–(BUSINESS WIRE)–
Box, Inc. (NYSE: BOX), the leading Content Cloud, today announced the appointment of Diego Dugatkin as Senior Vice President and Chief Product Officer. Most recently, Dugatkin was Vice President of Product Management for Adobe Document Cloud, leading strategy and execution for the Adobe Acrobat family of products across mobile, desktop and web, as well as Adobe Sign, with a focus on both enterprise and SMB segments. Dugatkin was also responsible for product management of the vast ecosystem of partnerships and integrations of Adobe’s Document Cloud with major products and brands, such as Microsoft, Salesforce, Workday, and many others.

“Diego is a deeply experienced leader with a fantastic sense for strategic product management and a proven track record of working closely with customers to develop insights, solve business challenges, and create value,” said Aaron Levie, co-founder and CEO of Box. “Diego will be integral to our leadership team as we continue to build out our vision for the Content Cloud and further drive profitable growth.”

“Box has an incredible opportunity to help millions of organizations transform and digitize their business processes,” said Diego Dugatkin. “For much of my career I’ve worked collaboratively with customers to understand how documents and content of all types are essential to the ways people work and businesses operate. With exciting new capabilities in areas like e-signature, workflow, security and more, the Box Content Cloud has the potential to be a defining platform for the cloud era. I’m thrilled to be a part of helping Box accelerate its next phase of growth.”

Current Box Chief Product Officer, Varun Parmar, will be transitioning out of the company to pursue an earlier stage startup opportunity.

“Varun has been a fantastic leader at Box and made incredible contributions to our Content Cloud vision while consistently delivering the new innovations and capabilities that have driven our differentiation and extended our leadership in cloud content management. We wish him the best as he dives back into his startup roots,” Levie said.

Background on Diego Dugatkin

As Senior Vice President and Chief Product Officer, Diego Dugatkin will drive Box’s product strategy and lead product management for the company. Prior to joining Box, Dugatkin was Vice President of Product Management at Adobe for Adobe Document Cloud. Through his tenure at Adobe, Document Cloud saw extraordinary growth, with a portfolio of products that spanned from the very mature and established like Adobe Acrobat, to fast growing products like Adobe Sign and the scanning app Adobe Scan, to the nascent Adobe Document Cloud Developer Platform.

Dugatkin has decades of experience in executive and senior operational roles across product management, product definition and development, strategic partnerships, marketing, M&A, and global business development. Prior to Adobe, Mr. Dugatkin was Chief Product Officer at SwitchFly and held a variety of senior product management positions with Conviva, Aspera, Fastsoft, and Ixia. He holds a Master of Science and Ph.D in electrical engineering from the California Institute of Technology.

About Box

Box (NYSE:BOX) is the leading Content Cloud that enables organizations to accelerate business processes, power workplace collaboration, and protect their most valuable information, all while working with a best-of-breed enterprise IT stack. Founded in 2005, Box simplifies work for leading organizations globally, including AstraZeneca, JLL, and Morgan Stanley. Box is headquartered in Redwood City, CA, with offices in the United States, Europe, and Asia. To learn more about Box, visit http://www.box.com. To learn more about how Box powers nonprofits to fulfill their missions, visit Box.org.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005237/en/

Investors:

Cynthia Hiponia and Elaine Gaudioso

+1 650-209-3463

[email protected]

Media:

Denis Roy and Rachel Levine

+1 650-543-6926

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Internet Security Data Management Technology Software

MEDIA:

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New Report from BigCommerce and PayPal Sheds Light on Consumer Spending Habits Post-Covid

Survey results highlight need for retailers to have omnichannel strategies to support customer preferences

AUSTIN, Texas–(BUSINESS WIRE)–
Consumer shifts in how and where people buy products evolved significantly during the COVID-19 pandemic, creating new opportunities for retailers to use new channels, fulfillment strategies and payment options, according to the results of a new survey out today from BigCommerce (Nasdaq: BIGC) and PayPal (Nasdaq: PYPL).

While a majority of the 3,000 consumers surveyed from the United States, United Kingdom and Australia said they still prefer in-person shopping, 62.5% of respondents reported doing most of their purchasing online. Close to half said they’re discovering new products on social media at least once a month, and 66.7% of respondents said they’ve made a purchase directly through their phone at least once in the past month.

The findings highlight a growing need for retailers to invest in an omnichannel sales and marketing strategy that provides convenient and consistent shopping experiences in-store, online and on social media.

As customers continue to move away from brick-and-mortar stores to digital commerce and increasingly use their phones to make purchases, an omnichannel strategy opens up the opportunity for retailers to reevaluate their sales and marketing strategies to ensure they’re meeting customers where they are the most likely to spend.

“For years, we’ve seen ecommerce continue to gain ground on traditional shopping. Online and digitized experiences have required retailers to quickly adapt to changing consumer shopping behaviors, and this was expedited in the pandemic,” said Greg Lisiewski, vice president of Global Pay Later Products at PayPal. “Now more than ever, consumers want to be in control of how they pay, and they have a desire for friction-free, seamless digital shopping experiences regardless of which channel they are shopping in.”

How people pay for purchases is also changing. More consumers are using digital wallets both in-store and online. Prior to March 2020, digital wallets were the preferred payment option for 28.3% of online shoppers globally, but that jumped to 35.2% after March 2020. The increase for using digital wallets in-store was even greater, going from 12.1% to 22.8%.

“The data tells us that 70% of consumers are more likely to spend more at a retailer that offers their preferred payment method¹,” said Mark Rosales, vice president of Business Development, Payments/Banking/Fintech at BigCommerce. “By leveraging this behavioral data, merchants have better means and ability to implement the payment options their customers prefer, ultimately enabling those brands to realize significant sales growth.”

Other key findings:

• While 95.2% of respondents reported making at least one online purchase since March 2020, a slight majority across all regions reported a preference for in-person shopping. Despite that, 32.6% of U.S. respondents, 29.9% of UK respondents and 29.7% of Australian respondents said the convenience of online shopping still trumps any drawbacks, and new options like buy online, pick-up in store (BOPIS) are making it even more attractive.

• As a preferred way to buy, BOPIS has grown substantially since March 2020, with a 373% increase in the U.S., where BOPIS has been slower to catch on compared to other countries.

• The use of digital wallets rose in popularity during the pandemic with a global increase of 24.5% online and 88.7% for in-store purchases since March 2020. Respondents overwhelmingly commented that they’d prefer retailers make digital payment options more available.

• Mid-market merchants are increasingly adopting buy now, pay later (BNPL) solutions for their ecommerce stores with Australia leading the way. Forty-eight percent of Australian merchants, 20% of U.S. merchants and 11% of UK merchants currently offer BNPL options to customers.

  Consumers seem to fall into two main categories when it comes to using these types of solutions: power users and slow adopters. Globally, 46% say they’ve used a BNPL option at least once in the past three months. However, just 10.1% globally say they’ve used it five or more times in that same time period. In Australia, that number jumps to 15.5%. Fifty-four percent of global respondents — and 60.6% of U.S. respondents — have never used BNPL. Most said they were deterred by incurring fees or debt, or that they simply were not familiar with the option.

• Merchants would be wise to educate consumers on the benefits of buy now, pay later solutions, especially interest-free payment options. Young consumers especially are now accustomed to subscription-based payment models. BNPL financing options fall into this same category.

• Consumers are shopping mainly at large retailers or branded ecommerce stores. Of those polled, 58.2% said they shop at department stores, hypermarkets or big-box retailers, while 31.9% said they purchase directly from the ecommerce stores of their favorite name brands.

The full BigCommerce PayPal Consumer Spending Trends report is available at www.bigcommerce.com/dm/consumer-spending-trends-cdl-report/.

To learn more about BigCommerce’s built-in integration with PayPal go to www.bigcommerce.com/essentials/features/manage/accept-payments/paypal.

¹ Data collected from an online study commissioned by PayPal and conducted by Netfluential in November 2020, involving 1,000 US online shoppers ages 18-39.

About BigCommerce

BigCommerce (Nasdaq: BIGC) is a leading software-as-a-service (SaaS) ecommerce platform that empowers merchants of all sizes to build, innovate and grow their businesses online. As a leading open SaaS solution, BigCommerce provides merchants sophisticated enterprise-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2B and B2C companies across 150 countries and numerous industries use BigCommerce to create beautiful, engaging online stores, including Ben & Jerry’s, Molton Brown, S.C. Johnson, Skullcandy, Sony and Vodafone. Headquartered in Austin, BigCommerce has offices in San Francisco, Sydney and London. For more information, please visit www.bigcommerce.com or follow us on Twitter, LinkedIn, Instagram and Facebook.

BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

About PayPal

PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 375 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005059/en/

Rachael Hensley

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Online Retail Retail Technology Other Retail Software Internet

MEDIA:

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AerSale Expected to Join Russell 2000^® Index

MIAMI–(BUSINESS WIRE)–
AerSale Corporation (Nasdaq: ASLE) (the “Company”) is set to join the Russell 2000^® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28, 2021.

Index membership means automatic inclusion in the appropriate growth and value style indexes also and remains in place for one year.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding our anticipated financial performance; our growth trajectory; the impact of investments in our Boeing 757 program on our financial performance; our ability to sell our aircraft on the timelines we anticipate; the expected operating capacity of our MRO facilities; the expected commencement date of sales of our AerAware product; and our anticipated revenue split between our two segments. AerSale’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including without limitation, the impact of the COVID-19 pandemic; factors adversely impacting the commercial aviation industry; the fluctuating market value of our products; our ability to repossess mid-life commercial aircraft and engines; our ability to comply with stringent government regulation; the shortage of skilled personnel, including as a result of work stoppages; the highly competitive nature of the markets in which we operate; and risks associated with our international operations. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on March 16, 2021, and its other filings with the SEC, including its quarterly report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AerSale Corporation assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

About AerSale

AerSale serves airlines operating large jets manufactured by Boeing, Airbus and McDonnell Douglas and is dedicated to providing integrated aftermarket services and products designed to help aircraft owners and operators to realize significant savings in the operation, maintenance and monetization of their aircraft, engines, and components. AerSale’s offerings include: Aircraft & Component MRO, Aircraft and Engine Sales and Leasing, Used Serviceable Material sales, and internally developed ‘Engineered Solutions’ to enhance aircraft performance and operating economics (e.g. AerSafe™, AerTrak™, and now AerAware™).

For more information about AerSale, please visit our website: www.AerSale.com.

Follow us on: LinkedIn | Twitter | Facebook | Instagram

About FTSE Russell:

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $17.9 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit www.ftserussell.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005082/en/

Media Contact:

AerSale: Craig Wright Telephone: (305) 764-3200

Email: [email protected]

Investor Contact:

AerSale: [email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Aerospace Manufacturing Other Manufacturing Air Transport

MEDIA:

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